May ends, June begins Last month was intense with the Hormuz conflict, PCE hitting a three-year high, and internal Fed power struggles all piling up. But don’t let your guard down, June will also be quite intense. Divided into 4 parts: ⭕️【Data: Nonfarm Payrolls, CPI, Fed Decision】 ➭ June 5: May Nonfarm Payrolls release ▪ The first employment report under Waller’s tenure; the market will use it to reprice the probability of a rate cut in July. ➭ June 10: US May CPI release. ▪ The most important single data point in June—directly determines what Waller will say a week later. ➭ June 17: Fed rate decision. ▪ Waller chairs his first Fed rate decision since taking office. Key points to watch: whether Waller’s language is dovish, if he avoids questions at the press conference, and if there are any dissenting votes. ⭕️【IPO: SpaceX Listing】 ➭ June 11: SpaceX sets IPO price ▪ Roadshow ends, books close, institutional pricing is known. ➭ June 12: SpaceX officially lists on Nasdaq, ticker SPCX ▪ Fundraising target $75 billion, the largest ever. ⭕️【Technology: Nvidia, Apple, Huawei, AI】 ➭ June 1: Nvidia GTC Taipei opens, Jensen Huang keynote ➭ June 8: Apple WWDC opens, runs through June 12 ▪ Focus is not on hardware but on AI implementation depth on iOS/macOS—edge models, Siri reconstruction, and whether third-party AI integration achieves substantial breakthroughs. ➭ June 12: Huawei Developer Conference (HDC) opens, runs through June 14 ▪ Coincides with Apple WWDC’s last day and SpaceX IPO. Huawei focuses on HarmonyOS AI capability updates and edge large model progress. ➡️ Both US and China tech paths speak on the same day; AI narrative intensity will peak this month. 🔵 Also this month: ➭ June 7: OPEC+ Ministerial Meeting (JMMC) ➭ June 12–July 19: FIFA World Cup (USA, Canada, Mexico) 🏆 💡 The highest risk window is the week of June 11–17 SpaceX IPO and Fed decision collide, global capital faces IPO siphoning and central bank signals simultaneously, increasing volatility and risk probability. Finally, happy Children’s Day to everyone~🎉

📢 "Call for Contributions · Welcome to Create" ❤️ Friends, "⌨️ & 🖋" we welcome you to create! ———✍️ Topics are unlimited, as long as they are related to us——— It can be: ▪️ Your own investment experiences | Random thoughts | Investment questions ▪️ News from a specific industry ▪️ A judgment or observation about the market 💡 No need to be too professional, no need for lengthy discussions, using AI assistance is also fine 💡 As long as it is original content that you sincerely share, that's enough ———📌 How to Participate——— 1️⃣ Post your content (remember to follow 👉 OKX Community Guidelines https://oyidl.me/ul/d4xkFKa ) 2️⃣ Come back here and leave a comment in the comment section [For example: Cola, I posted, check it out] 3️⃣ Cola will take a look 👀 If it's well written, your post will receive traffic support There is no deadline, feel free to write and report back ⬇️ *Since the call for contributions is not limited to just me, no need to submit multiple times~ **Mysterious password: 2CHNDTWN

🙋🏻‍♀️Let's discuss: Why has BTC dropped so sharply recently? Where is the money flowing to? 1⃣️ Mid-sized whales are concentrating on selling "Addresses holding 10 to 10,000 bitcoins reduced their holdings by 24,602 BTC in the past week (https://oyidl.net/ul/znCCJHD)" 2⃣️ ETF institutional funds continue to withdraw "Bitcoin ETF saw a single-day net outflow of $519 million, Ethereum ETF net outflow of $90.2 million (https://oyidl.me/ul/KNGFw3m)" 3⃣️ Mt. Gox potential sell pressure + sentiment impact "Mt. Gox transferred 116.3 BTC again, valued at $8.25 million (https://oyidl.me/ul/rBEHwSh)" "Strategy sold BTC for the first time in 3 years (https://oyidl.me/ul/VyKvWLs)" Make your choice and share your thoughts in the comments below 👇🏻

In the AI era, please add these corporate updates to your special attention👇🏻: 💬 Every link in the AI industry chain is exploding simultaneously. Today, I have compiled a collection for everyone to understand. 💡Using "building a city" as an analogy for the entire AI industry chain: 💡Chip power generation → Cloud power delivery → Large model material creation → Toolchain building → Inference delivery → Application opening → Agent errands → Vertical industry specialization → Data security gatekeeping (*see Figure 1📱) 【⭕Chip end (more in Figure 2📱)】 ❶NVIDIA (NVDA): The absolute bottleneck of AI computing power, Vera CPU's first customers locked in OpenAI, Anthropic, SpaceX. From selling GPUs to taking over the entire AI infrastructure, with a market value of $4.2 trillion and still expanding. ❷TSMC: All AI chips come from here. NVIDIA, Broadcom, AMD compete for capacity. A 33% increase expected by 2026, the most certain trump card in the semiconductor sector. ❸Broadcom: The biggest beneficiary of custom AI chips (ASIC), Q1 revenue up 106% year-over-year, holding $73 billion in backlog orders, aiming for annual revenue to exceed $100 billion by 2027. ❹Marvell: Custom chip supplier serving both Amazon and Microsoft, just released the world's first AI-dedicated switching chip, AI chip revenue expected to reach $11 billion by 2026. 【⭕Memory and storage (more in Figure 2📱)】 ❶SK Hynix: 53% global market share of HBM, first to mass-produce HBM4, NVIDIA's most relied-upon memory supplier, listed by Bank of America as the industry's top pick. ❷Samsung: 35% HBM market share, Q1 AI memory profits hit a record high, warned alongside SK Hynix that shortages will continue beyond 2027. ❹Micron: Completely abandoned the consumer market, fully betting on AI data centers, competing with Samsung and SK Hynix for NVIDIA's HBM4 contracts. 【⭕Cloud infrastructure (more in Figure 3📱)】 ❶Microsoft (Azure): Exclusive cloud partner of OpenAI, Copilot penetrates the entire product line, the biggest direct beneficiary of enterprise AI deployment. ❷Google (GCP): The cloud provider with the deepest self-developed TPU, advancing Gemini + GCP on two fronts, with Microsoft, Amazon, and Meta collectively spending $700 billion on AI capital expenditures this year. 【⭕Large model end (more in Figure 3📱)】 ❶OpenAI: The largest large model company globally by usage, valued at about $300 billion, the industry standard setter. ❷Anthropic: Just secretly submitted an IPO application to the SEC, valued at $965 billion, three times that of OpenAI, with dual bets from Amazon and Google. ❸DeepSeek: Open-source route shaking the global landscape, V4.1 about to be released, valuation soared from $10 billion to $51.5 billion in 21 days. ❹Meta (Llama): The strongest open-source ecosystem globally, Llama series deployed by hundreds of thousands of developers, AI capital expenditure accelerating sharply this year. From chips to models, from financing to listing, from tools to deployment—every link in this industry chain is accelerating simultaneously. Which link do you favor most now? Chips? Cloud? Or the model layer?🤔 Are there any others you think should be added? See you in the comments 👇🏻

#纽交所母公司授权OKX推出原油合约 You ask me what I think? Me: See my attached image (Seriously) To be honest, this news is indeed exciting Keep in mind the US-Iran situation is still unfolding, and oil prices are highly volatile This is a rare global macro trading opportunity, and previously, ordinary players had very limited tools to participate But now, with your already familiar crypto account, you can directly engage in crude oil price speculation At the same table, under the same rules The crypto world is officially connected to the global commodity pricing system for the first time Once this door opens, gold, natural gas, agricultural products... are next (really looking forward to it~ Attached: some learning materials 📚 • Beginner's Guide | Why has the US stock market become an unavoidable bridgehead for crypto? https://okx.com/ul/G2BjI1y • Intermediate | How to detect insider trading? https://okx.com/ul/EwtB6RI • Advanced | Analysis of the three recent IPO hotspots https://okx.com/ul/4ir5KdA • Finale | Live demonstration of key points in US stock trading https://okx.com/ul/wkHhXQC

Why did a storage chip company surge 19% in a single day and break a $1 trillion market cap? 🔸 Micron Technology (MU) surged 19% in one day, with its market cap surpassing $1 trillion for the first time, achieving a 213% increase year-to-date. 🔸 UBS analysts raised the price target from $535 directly to $1625 (+204%), setting the highest price target ever for Micron on Wall Street. 💬 But the price target is just the result; the real question is: "Why Micron? Why now?" "Structural changes are happening simultaneously on both supply and demand sides." 🔷 Demand side: ➭ AI giants like Nvidia, Microsoft, and Google are proactively signing long-term purchase agreements (LTA) to secure computing power supply, locking in shipment volumes and partially locking prices, which directly improves Micron's earnings predictability. 📍 Arcuri forecasts Micron's cumulative free cash flow from 2027 to 2029 will exceed $400 billion, and even with a mild downturn in 2029, EPS can remain above $100. 🔷 Supply side: ➭ Micron's full-year 2026 HBM*4 capacity is already sold out; DRAM prices are expected to rise 58-63% year-over-year, NAND flash prices up 70-75%. More importantly, DRAM supply shortages will last at least until Q2 2028. 📍 This is not a quarterly shortage but a structural gap spanning multiple years. 🔶 Valuation restructuring: ➭ Since earnings stability has structurally changed, the market should no longer discount Micron as a "cyclical stock" but should align its valuation multiples closer to growth stocks like Nvidia. 📍 With the framework changed, the price target naturally changes. 💬 Market watch later: ▪ Micron's surge is not a one-off event; it signals that the AI arms race has entered the hardware implementation phase. ▪ The triple resonance of the storage super cycle + AI narrative + policy endorsement is reshaping the semiconductor valuation system. 👉🏻 AI infrastructure is the main theme of this tech cycle, not the finale. Join the discussion with the topic #美光科技市值破万亿：存储超级周期 *What is HBM? » HBM (High Bandwidth Memory) is the core "fuel" driving AI large model training and inference—every time GPT replies to you or an AI image is generated, massive amounts of HBM are consumed. Without it, computing power is just talk. » Micron is one of the few global manufacturers capable of mass-producing HBM.

📅Things to watch in June ——Event record post, updates synchronized in the comments below 👇🏻 (*❦ω❦) Feel free to add more~

👋🏻This week (May 25 - May 31) you can pay attention to: ⭕️Weekly events: Progress in US-Iran negotiation situation ▪️May 25: US stock market closed ▪️May 27: Bank of Japan Governor Kazuo Ueda speaks at the Bank of Japan's monetary policy meeting ▪️May 28: ➭European Central Bank releases minutes of April monetary policy meeting ➭US initial jobless claims for the week ending May 23 (in ten thousands) ➭US April Core PCE Price Index year-over-year ➭US Q1 real GDP annualized quarterly revised value ➭Meta 2026 Annual Shareholders Meeting ▪️May 29 ➭CME Group: Cryptocurrency futures and options will support 7×24 hour trading ▪️May 31 ➭China May official manufacturing PMI 📢What else are you watching this week? Post and let's chat~

⭕️SpaceX IPO, the ideal is beautiful, but reality may be harsh (Clickbait alert, let's talk about SpaceX going public) (SpaceX plans to price on June 11 and list on Nasdaq on June 12 (ticker proposed as SPCX), targeting a valuation of about $1.75 trillion, aiming to raise about $75 billion, expected to debut as early as June 12) All discussions are based on the assumption of a smooth listing and possible scenarios: 1⃣️ Becoming a money black hole, sucking all market possibilities If SpaceX, OpenAI, and Anthropic, three giants, go public in the same time window (current data shows combined fundraising approaching $200 billion) ☝🏻One question: Where does this money come from❓ 👉🏻Historically, the most likely sources are popular tech stocks like Nvidia, TSMC, and Google 👉🏻Fund managers are not money printers; to "make room" for SpaceX, they have to sell existing holdings 💫The most intuitive feeling is: before the IPO even opens, the market might already tremble 2⃣️ Index funds forced to buy at high prices Preface: Nasdaq has changed rules to attract SpaceX listing on its platform: it removed the 10% minimum float requirement for the Nasdaq 100 index and significantly shortened the window for including IPOs in the index; S&P is also considering similar changes, allowing mega-caps to be included in the index within 5 days after listing 🤔What does this mean❓ 👉🏻Ordinary investors holding S&P/Nasdaq ETFs will be forced to buy regardless of whether SpaceX's valuation is in a bubble 💫The most direct feeling is: no choice, the system automatically "buys the IPO" for you 3⃣️ Worth mentioning: SpaceX's financial data ▪️Full year 2025: revenue $18.8 billion, net loss $4.9 billion ▪️Q1 2026: revenue $4.7 billion, net loss $4.28 billion One quarter's loss nearly matches one quarter's revenue ▪️Starlink's average revenue per user (ARPU) dropped from $99 in 2023 to $81 in 2025, an 18% decline over two years And the $1.75 trillion valuation corresponds to a price-to-sales ratio (P/S) exceeding 100 times 🌰For reference: ➭Palantir, known as "the most expensive": P/S 73x ➭S&P 500 overall average: P/S 3.1x ➭SpaceX's pricing is 32 times the S&P average The feeling is: are we expecting a miracle? But it seems unlikely, this kind of uncertain fear. The story of the stars and the sea, fully believe it👌🏻 But this price is really hard to praise😱 What do you think about the SpaceX IPO? Join the conversation with #IPO大年：SpaceX领跑，OpenAI紧随其后

🍕 The OKX Pizza Festival is officially underway, featuring multiple ways to play and share a prize pool of 18.88 BTC! Multiple gameplay options await you: 🔹 Hash Prediction: Trade 500U, predict the correct block hash, and share 2 BTC 🔹 Pizza Card Collection: Collect all ingredients to unlock exclusive rewards, prize pool 15.88 BTC 🔹 Hash Lucky Draw: Successfully collect pizza cards for a chance to enter the hash lucky draw and win 1 BTC Event duration: May 21 – May 29 → Click to participate https://oyidl.me/ul/OxisZ9 On May 22, 2010, someone bought two pizzas for 10,000 BTC. In 2026, OKX decided to give away 18.88 BTC during the Pizza Festival. How are you planning to celebrate this year’s Pizza Festival❓ Post with #加密人怎么过披萨节 and tag @OKX中文 three times for a chance to win an exclusive OKX Pizza Festival gift box~

【💬The 30-year US Treasury yield* rose to 5.159% this week, hitting a nearly one-year high】 【💬The era of cheap global capital has officially ended】 👉🏻Last year, Moody's downgraded the US credit rating from AAA by one notch, marking a key point in confidence pressure 👉🏻Now that yields have broken 5% again, it reflects the market's ongoing vote on the US fiscal imbalance 【🟡Current Situation】 ➠US federal debt spending has exceeded an annualized $1.23 trillion. With the high national debt scale and a long-term high interest rate environment, the current debt servicing cost has surpassed the defense budget, becoming the fastest-growing expenditure item in the US federal budget aside from social welfare. ➠Due to inflation and monetary policy impacts, US Treasuries have remained at a high level for a long time (e.g., the 10-year Treasury yield persistently hovering above 4%), causing the interest cost of newly issued debt to rise sharply. ⚠️This is a vicious cycle 🔵The intuitive feeling for ordinary people is: borrowing becomes more expensive, saving becomes more attractive ➠In daily life: mortgage payments increase, making home buying harder; corporate financing costs rise, leading to more cautious hiring. ➠However, money market funds and deposit rates have also increased, benefiting conservative investors. 【🟡Challenges】 ➠Inflation is not under control, and rate cuts would add fuel to the fire; ➠Fiscal deficits are large, and bond issuance cannot be stopped. High interest rates are likely to be the norm in the coming years. 【🟡Market】 ➠Short term: liquidity tightens, risk assets come under pressure, funds flow into high-yield Treasuries ➠Long term: if US dollar credit continues to deteriorate, Bitcoin, as a decentralized store of value narrative, deserves reconsideration 🫧Bubbles propped up by cheap capital will gradually be squeezed out —————— *Yield = the government's borrowing cost **The higher the number, the more investors worry about US fiscal health and demand higher returns to lend